Advice for going self employed.

[Aire]

May I point out that the gas safety you have is for carrying out the work on behalf of the company and does not cover you as being self employed. Many people carry out work on the side in their own time but do not have a gas safe for themselves relying on the company gas safe which makes the work they carry it ilegal.

I am well aware of that and given I haven't indicated anywhere in my thread that I do gas work on the side I don't see why you feel the need to point it out.

 

[Aire]

He lost 2k in his first year

Yeah just seen he put a - in front of the 2k, how does that work? Surely he hasn't worked all year and earnt nothing.

 

[SlimD]

I got made redundant at end of 2015 so used my payout to retrain, got qualified and GasSafe in 2016. Steep learning curve but if you apply yourself and go for it then it’ll work out. I ummed and aarred about vans. New or old but went for an older van in the end. I found an ex-AA van at auction which has been very good. Had a limiter on it so hadn’t been thrashed and AA meant it had been well maintained.
I got a good accountant who helped me sort out a spreadsheet for my accounts.
As for servicing/repairs get yourself on a Boiler fault finding course. Baxi do a good one for £200.
Best of luck.

 

[ShaunCorbs]

Yeah just seen he put a - in front of the 2k, how does that work? Surely he hasn't worked all year and earnt nothing.

Bet you yep that's normally how the first year goes with all the expenses

 

[Murdoch]

When you go SE the biggest thing you need is cash in your business account ............... and yes, you need to aim to break even in the 1st year ........ sounds tough .......... but if you budget for a "poor" year and do better thats OK .............. budget to make £30K and you'll be very disappointed ......... and very broke!

 

[Aire]

When you go SE the biggest thing you need is cash in your business account .. and yes, you need to aim to break even in the 1st year . sounds tough . but if you budget for a "poor" year and do better thats OK ... budget to make £30K and you'll be very disappointed ... and very broke!

That's disappointing, I was hoping for 50k🙄, to be fair I'll be happy with anything I earn so long as I have a steady flow of work for the first year, it's more my sanity I'm wanting to keep as I'm rapidly losing it working for a unorganized firm.

 

[Deleted member 32524]

Don't need loads in the bank. I started with nothing apart from my old car, hand tools, Gas Safe registration and an FGA. Had about 500 quid in the bank after that. Did have a full bathroom suite lined up first job. Took the money from that and spent it on advertising. 1, 2, 3 Rd years made virtually nothing. However invested in a van and all the power tools, benches, van stock, powerflush machine etc but still very little money in my pocket. Point is invest as much as you can in your business and keep investing in it, be determined to succeed. Make it happen.